The definition of rich

Discussion in 'Investor Psychology & Mindset' started by JacM, 12th May, 2016.

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  1. alexm

    alexm Well-Known Member

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    From a monetary sense then Yes for sure. If you're in business to make money and this is your scoreboard, then for sure being rich means you're successful.
     
  2. Azazel

    Azazel Well-Known Member

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    A lot of "rich" people are also in a lot of debt.
    When the crap hits the fan, they sometimes lose all of their stuff because they're living the life on credit.
     
  3. alexm

    alexm Well-Known Member

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    You're spot on @Azazel however for me, $10m+ is net worth (be it cash, shares, property etc).
     
  4. Perthguy

    Perthguy Well-Known Member

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    The Oswals. They were considered rich at one point. Not any more:

    They were the jet-setting, glamorous couple from New Delhi planning to build Australia's biggest home when it all went terribly wrong.
    Billionaire Pankaj Oswal and his socialite wife, Radhika, were in the middle of building the $70 million home, dubbed the "Taj-on-Swan" and overlooking the Swan River in the exclusive Perth suburb of Peppermint Grove, when the ANZ bank called in the receivers to take over the Oswals' company, Burrup Fertilisers, now known as Yara Pilbara Fertilisers, claiming they owed more than $100 million.

    Read more: http://www.theage.com.au/victoria/billionaire-indian-couple-dreamed-of-building-australias-biggest-home-tajonswan-20160323-gnp6va.html#ixzz48W3U5FuG
    Having a lot of money is not necessarily 'rich'.
     
  5. Xenia

    Xenia Well-Known Member

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    It means you are successful at least financially.

    Sometimes When people develop the discipline to be financially successful, it transfers to other areas of life and they become successful there too. Not always but I've seen this to be the case many times. Focus on one area of discipline and persistance in your life and other things also begin to fall in place.
     
  6. Bayview

    Bayview Well-Known Member

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    I remember hearing a health expert make this comment;

    "If you want to be healthy and lose weight; only go the isles on the far left and the far right...avoid everything in the middle"
     
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  7. Bayview

    Bayview Well-Known Member

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    The teo words are not always linked;

    Rich means you are successful at handling and investing your money.

    It can also mean that as well as this; you have been able to find a career or business or investment which has afforded you a higher than average income, which can propel you to the rich level faster (assuming good money management skills).

    There are many people who are successful in their careers, and/or private/family life - but are not rich.
     
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  8. Azazel

    Azazel Well-Known Member

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    I first read that as the Oswalds...
    I loved it when Clark was dreaming about buying a pool with his bonus money - but then got screwed.
     
  9. hobo

    hobo Well-Known Member

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    Sometimes being 'rich' is a result of being handed wealth via inheritance. That alone doesn't equal 'successful' in my mind.
     
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  10. Sackie

    Sackie Well-Known Member

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    I think being rich is just a measure of your financial yardstick which is a lot easier to attain than being wealthy.
     
  11. beachgurl

    beachgurl Well-Known Member

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    I used to think 'rich' was all about the money. Having so much that you don't have to work and you can do whatever you want. Now the definition has changed. Being rich is all about having choices - the ability to attend your kids' school activities during work hours, catching up with friends mid week and enjoying a coffee at the beach during work hours so it feels like you are on holidays.

    I would have much more money if I still worked in corporate but I now work my own hours and have a life as well. That is rich to me.
     
  12. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    Rich means the ability to make unlimited choices to some. Bill Gates and Warren Buffett appear capable of the choice to give all their wealth away for great causes.
     
  13. larrylarry

    larrylarry Well-Known Member

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    If we had enough groceries, and a nice place to live, plenty of room to keep and feed my bird dogs, a place to hunt, a place to play tennis, and the means to get the lads good educations-that's rich (Sam Walton)
     
  14. Azazel

    Azazel Well-Known Member

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    I think being rich means you can do whatever the **** you want.
    Plenty of people with money who still have to work.
     
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